Chairman's Message
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Central Development Corporation Ltd. Annual Report 2016-2017 Chairman’s Message June 21, 2017 On behalf of the Board and Staff at Central Development Corporation and Central Property Management, it is my pleasure to present the Annual Report for the 2016-2017 fiscal year. The past year has seen a change in leadership at CDC & CPM with the departure of our Executive Director Nicole Warren and the hiring of her replacement Kent Bruyneel. I know Kent’s enthusiasm for non-profit organizations and rural development will be an asset to CDC & CPM and the Board looks forward to continuing to build our relationship with him. The Board would also like to thank Nicole for the countless hours that she has spent over the past few years working with staff, communities, students and government partners on various projects, we’ve had nothing but positive feedback on her performance and we wish her well in her new position. Although community development projects are still at a historic low, CDC continues to partner with local communities to help them realize their economic potential such as the Community of Victoria Tourism Development project, The Kinkora Place renovation project and the Stanley Bridge Marina Expansion project. We’ve also had representation on the McCain Foods Re-Development Fund committee. With the recent appointment of the Hon. Pat Murphy as Minister of Rural and Regional Development, our hope is that 2017-2018 will bring a renewed focus on rural economic development. CDC has continued to encourage youth entrepreneurship through the Young Millionaires program for youth aged 8-16, which celebrates its 25th anniversary in 2017 and the Student Biz PEI program for youth aged 16-24. Our partnership with the Rural Action Centre remains a valuable resource for both community groups and those looking to start or expand a business. This was the first year for CDC to administer the Community Capacity Fund. This fund is accessible to non-profit organizations for initial planning, development, and feasibility of community development initiatives. Central Property Management has seen some activity over the past few months with some short-term rentals and a recent expansion of Mrs. Dunsters in the Borden-Carleton Industrial Mall. In Bedeque, the William Callbeck Centre has recently welcomed Quality Tourism Services, and Bles Biochemicals Inc. as new tenants. The Kensington Enterprise Centre remains fully rented. Although we are pleased with the recent activity, vacancies continue to be a challenge. CDC & CPM combined with the Rural Action Centre is a truly valuable asset to this region and our continued focus is to educate the public on how we can assist them in growing the Prince Edward Island economy. This marks my final term as a Director at CDC & CPM, I would like to thank Gay, Christine, Roy, Kent, Karen and the rest of the Board for everything they do to make CDC & CPM something to be proud of in our community. Sincerely, Kent Croken, Chair TABLE OF CONTENTS 1.0 Executive Summary……………..………………………………………………..-1- 2.0 Community Development……………………………………………………….-3- 3.0 Development Funds………………………………………………………….…..-7- 4.0 Business Development ……………………………….…………….....…………-8- 5.0 Infrastructure Development……………………………………..…………..... -11- 6.0 Organizational Structure ………………………………………………….........-13- 7.0 2016-2017 Financial Statements………………………………………………..-15- APPENCICES Appendix A Confirmed Projects Financing Overview Appendix B Communications CENTRAL DEVELOPMENT CORPORATION Annual Report 2016 - 2017 1.0 Executive Summary Central Development Corporation Overview As the only remaining Regional Economic Development Agency of its kind, Central Development Corporation has been providing community economic development support since 1995 when it evolved out of the former East Prince Area Industrial Commission. CDC is a non-profit organization with a mandate to facilitate community and economic development. Originally focusing on the central region of PEI (rural areas between Summerside and Charlottetown), in 2015-2016 CDC began to extend its reach to support rural economic development across the Province of PEI. With an adjusted operational strategy aimed at an increased emphasis on long term sustainability within the organization and its initiatives, CDC has focused on the delivery of three key services to support economic development in rural communities. Project Coordination: The coordination of project planning, development and implementation services, to strategic community and economic development initiatives. Program Administration: Similar to project coordination, program administration is the delivery of on-going programs aimed at enhancing business skills, promoting entrepreneurship or supporting the not for profit sector. Property Management: With over 132,000 square feet of commercial space currently under management, CDC is well positioned to expand on this area of expertise. Under the current earned mandate, fees are charged based on the particular level of service provided, similar to other professional services. Program and project fees are tied to overall project costs while property fees are based upon an average industry rate. CDC committed to action in the several areas and has made the following progress throughout 2016-2017: 1. Raise the Level of Awareness. Created a greater social media presence. Initiated broader promotion of the commercial properties. Delivered presentations to organizations regarding youth entrepreneurship programs, project coordination services, economic development strategies, business attraction and commercial space opportunities. 1 CENTRAL DEVELOPMENT CORPORATION Annual Report 2016 - 2017 2. Develop and Sustain Partnerships Enhanced partnerships with government and private businesses. Partnered with municipalities and not for profit organizations. Established new and expanded upon partnerships with existing youth development agencies and service providers. 3. Service the Business Community Acted upon the identified gaps in services available for businesses. Provided training on government business programs. Coordinated opportunities for networking among businesses and business development agencies. Summary of 2016-2017 Central Development Corporation has successfully partnered with government, private businesses, and community organizations throughout 2016-2017 to deliver programs, support community projects and enhance infrastructure within the central region. In 2016-2017, CDC was actively involved in eight community development projects with a combined value of approximately $2,876,194. The map below highlights the geographic location of each. In addition to these eight initiatives, CDC has provided assistance in planning, facilitation, consultation, and identification of resources for a number of other organizations during the past year. Central Development Corporation – Projects A s t h e o n l y Central Development Corporation delivered three very successful business development programs in 2016-2017, the Central Rural Action Centre, Young Millionaires Program and Student Biz PEI. CDC provides property management services to Central Property Management Inc. (CPM), a distinct and separate incorporated entity that operates under the 2 CENTRAL DEVELOPMENT CORPORATION Annual Report 2016 - 2017 direction of a volunteer Board of Directors, which is the same Board of Directors of Central Development Corporation. CPM owns and maintains four commercial properties with 100,907 square feet of space leased to businesses that provides many economic benefits to the local communities. CDC’s goal is to attract new or expanding business to the space in support of economic growth for the entire region. 2.0 Community Development Overview Central Development Corporation (CDC) has been involved at various stages in myriad projects of community and economic development. In addition to the descriptions to follow, it bears mentioning that CDC has now successfully completed projects thorough Central PEI in a fashion that has made it in great demand to pursue more of this kind of community based economic development in the future. As one of the only Regional Development organizations left on PEI, CDC has been asked more and more to take part in multi-faceted deals involving both industry and government. CDC is uniquely positioned to continue as a conduit for communities who want an improved quality of life, and businesses who want to find out if Central PEI can be a place to build their future. Through our engagement with both public and private sectors, CDC is able to clear paths for people and commerce to find in Central PEI all that they need to thrive. CDC has successfully contributed to eight substantial community development initiatives over the past fiscal year. Each initiative is at a different phase of development; projects with finalized budgets and partnerships in place are highlighted in Table 1 and are further summarized below. Proposed projects and initiatives that CDC has been involved in over the past year are included within the summary below. Table 1 – Community Development Projects Projects Total Project Budget Bedeque Recreational Centre Upgrades $145,362 Boat Builders Fiberglass Training $41,528 Community Capacity Fund $233,751 Kinkora Renovation Project $184,101 Mashup Weekend $4,832 Resort Municipality of Cavendish Sidewalk $9,313 Project Stanley Bridge Marina Expansion $1,110,000 Victoria Tourism Development $1,147,307 Community Development Totals $2,876,194 3 CENTRAL DEVELOPMENT CORPORATION